Khazanah Nasional Berhad, the sovereign wealth fund of the Malaysian government, has acquired a stake in Xpressbees, an Indian e-commerce logistics startup, from Elevation Capital for $40 million.
Xpressbees was founded in 2015 and provides logistics and supply chain solutions to e-commerce companies in India. The company offers a range of services, including last-mile delivery, reverse logistics, warehousing, and fulfillment. Xpressbees works with some of India’s largest e-commerce companies, including Flipkart, Amazon, and Paytm.
Elevation Capital, formerly known as SAIF Partners, is a leading venture capital firm in India that has invested in several high-profile startups, including Paytm, MakeMyTrip, and Swiggy. The firm had invested in Xpressbees in 2017 and held a significant stake in the company before selling a portion of its holding to Khazanah.
Overall, the investment from Khazanah is a significant development for Xpressbees and underscores the growing importance of logistics in the Indian e-commerce market. The partnership is expected to create new opportunities for Xpressbees to expand its reach and strengthen its position in the competitive logistics industry in India.
Xpressbees is one of the fastest-growing logistics startups in India, with a network that spans more than 2,500 cities and towns across the country. The company has been expanding rapidly in recent years, driven by the growth of e-commerce in India and the increasing demand for reliable and efficient logistics services.
Xpressbees has been working with some of India’s largest e-commerce companies, helping them to manage their logistics and supply chain operations. The company has developed a range of innovative solutions to help e-commerce companies improve their delivery times and reduce their costs. These include technologies such as artificial intelligence, machine learning, and big data analytics.
The investment from Khazanah is expected to help Xpressbees accelerate its growth and expand its reach even further. The funds will be used to invest in new technologies and infrastructure, as well as to hire new talent and expand the company’s operations across India.
The e-commerce market in India is growing rapidly, driven by the increasing adoption of smartphones and the growing popularity of online shopping. According to industry estimates, the e-commerce market in India is expected to reach $200 billion by 2026, up from $38 billion in 2017. This represents a significant opportunity for logistics companies like Xpressbees, which are well-positioned to help e-commerce companies manage their supply chain operations and meet the growing demand for online shopping in India.
Overall, the investment from Khazanah is a significant development for Xpressbees and is expected to help the company become one of the leading logistics providers in India. The partnership will help Xpressbees to expand its reach, improve its services, and create new opportunities for growth in the fast-growing e-commerce market in India.